Note 15: Restricted Stock Units

Restricted stock units (“RSUs”) are granted under the Company’s 2020 Plan. During the nine months ended September 30, 2024 and September 30, 2023, the Company granted 286,324 and 76,508 fully vested RSUs to the Company’s board members, employees, and consultants, with a fair market value of $0.3 million and $0.2 million, respectively.

An aggregate of 307,417 shares of common stock were issued during the nine months ended September 30, 2024 as a result of RSUs vested during the current and prior periods.

The following table summarizes the Company’s RSU activity:

During the three months ended September 30, 2024 and September 30, 2023, the Company recognized $0.1 million and $0.3 million, respectively, in share-based compensation expense related to RSUs. During the nine months ended September 30, 2024 and September 30, 2023, the Company recognized $0.4 million and $1.2 million, respectively, in share-based compensation expense related to RSU awards included in General and Administrative Expenses on the Company’s condensed consolidated statements of operations. The unvested share-based compensation as of September 30, 2024 was $0.1 million which will be recognized through the fourth quarter of 2026 assuming the underlying grants are not cancelled or forfeited. The total fair value of shares vested during the nine months ended September 30, 2024 was $0.4 million.